Why Is Estate Planning Very Important For You?
Learn Important Factors About Estate Planning With David Page
Very few people think of estate planning, even though it’s one of the most significant things you can do in your life. At this point, people put more time and effort into booking a holiday than they do ensure their finances are in order in the unfortunate case of their passing. However, that doesn’t mean that these people put too much effort into planning their estate beyond a good estate planning attorney near me.
This is because many people aren’t aware of the benefits of planning their estate and why it’s extremely important to do so. That doesn’t mean you have to be in the dark forever, though. There are quite a few reasons why estate planning is important, with these just being a select few.
It Protects Families With Young Children
Nobody plans to die young, and the vast majority of us are fortunate to live well into old age. However, that may not always be the case which is why it’s important to have everything in order in a worst-case scenario. This is especially true when it comes to families with young children. The vast majority of parents want to raise their children well, so many people may want to ensure that their children are raised in a way that they approve of should they unfortunately pass.
That’s where the will part of planning your estate enters the equation. With this, you’ll get the chance to name your child’s legal guardian until they’re of legal age as well as what’s to be done regarding the rest of your estate to care of your children properly. Without this, the courts will have to intervene and make a decision on your behalf.
It Reduces Family Messes
Many of us have seen reality shows or documentaries where, after a relative dies, the family comes to blows due to the deceased’s belongings. This may be due to a lack of a will and estate planning on the side of the deceased person that has led to family members trying to claim certain belongings. Planning your estate early and ensuring that this is left avoided. It also helps to ensure that there are no petty squabbles or even courts cases brought between family members who each feel they have a significant claim towards certain parts of your estate.
This ensures that you get to decide who’s in charge of your finances in any unfortunate circumstances, meaning that your estate will be in the hands of someone you deem appropriate. It’ll also ensure that you know who’ll get what in the event of your passing.
Spares Your Heirs A Tax Bite
When we pass on, we all want to protect our heirs as much as possible, but we also want to give them as much of our assets as possible. This can cause a bit of an issue, especially when it comes to the likes of houses and other large assets that can create a tax burden for our heirs. Proper estate planning will go a long way to minimize this, however.
A high-quality financial adviser or estate planner will be able to craft your will and your estate assets in such a way that your heirs will only have to pay a minimal amount of estate and inheritance taxes in the event of your passing. This can be extremely important due to how high these taxes can get.
David Page Law is a corporate and financial lawyer based in Jerusalem. When it comes to an estate planning attorney near me, there’s almost nothing that either David Page or the David Page Law team can do for you. What’s stopping you from getting the estate planning advice you need? Contact David Page Law today.